Charlie Gibbs <cgi...@kltpzyxm.invalid> writes:
> On 2020-01-14, Quadibloc <
jsa...@ecn.ab.ca> wrote:
>
>
>> and a better class of people will be coming in to the neighborhood.
>
> s/a better class of/richer/
Just so.
> Many of these people are part of the Hong Kong diaspora. Now we're
> trying to figure out how to deal with the resulting flood of
> absentee owners and landlords. After all, housing is first and
> foremost an investment, not a place to live.
For those absentee owners, yes. For ordinary people -- those lacking
surplus funds for discretionary investment -- it's a myth. The myth
has been remarkably realized for people buying housing from circa 1940
to 1970. Plenty of jobs, high wages/salaries, moderate interest. If
you bought a nice house in, say, 1955, you may have been able to sell
it for what appeared to be a windfall, despite inflation, when you
retired in 2000.
If a 20-something couple can even *get* a mortgage today, perhaps with
big student debt still over their heads, they're in a very different
kettle of sharks/economic, political and financial environment. But
that conventional middle-class bungalo (or now condo) is touted to
them as an "investment". So they both have to work full time or more
to keep up with the mortgage, insurance etc. when jobs and the
financial world are unstable. The phrase "smoke & mirrors" comes to
mind.
> My advice to young people around here [BC, Canada] is to get the
> hell out of the Lower Mainland. This might make it hard for the
> beautiful people to find grunts to clean their hotel rooms.
> Boo-hoo.
My advice, not entirely tongue in cheek, is to live in a shack, live
in a tent, live in a cardboard box before putting every penny
^H^H^H^H^H (sorry, we don't have pennies any more) nickel available
into what passes for a house/condo and getting mired in the tarbaby of
mortgage, insurance, building codes, condo agreement, property taxes
and all related commitments.
That would probably be consonant with, a generalization of, "getting out
of the Lower Mainland". :-)
--
Mike Spencer Nova Scotia, Canada